The Business Journal reports Baudette, Minnesota-based ANI Pharmaceuticals paid $12.5 million to buy 31 products from an Israeli company, Teva Pharmaceuticals. Teva is the biggest maker of generic drugs in the world.
ANI said it will begin transferring production to Baudette immediately. It expects to roll out the new medications late in 2014.
Wall Street reacted swiftly. The Associated Press reports shares of ANI rose 30 percent Friday.
The company had $11.7 million in revenue in the first half of 2013.
ANI's expansion is expected to have enormous impact in Baudette, population 1,100, a town on Lake of the Woods sometimes called "The Walleye Capital of the World."
Medical News called ANI an "emerging" generic drug company. The acquired products have all been approved by the U.S. Food and Drug Administration (FDA) as "abbreviated new drug applications." That means the FDA is satisfied that the drugs are "bioequivalent" to patented versions already on the market.
IMS Health, a health information clearinghouse, says there's an $860 million annual market for the drugs.
A profile of the company in the New York Times says it has mostly been a contract manufacturer for other pharmaceutical companies. It has two buildings in Baudette with 173,000 square feet of manufacturing, packaging and laboratory space. Its own products include narcotics, anti-cancer drugs and hormones.
In a statement, ANI President and CEO Arthur S. Przybyl said: "These products will strengthen our business by growing our revenue base and leveraging our manufacturing capabilities. We are excited that this transaction extends the ANI-Teva relationship beyond the existing generic testosterone gel partnership."